118 Authorised unit trusts: treatment of umbrella schemes
Finance Act 2004 (2004 c 12) | Legislation

118  Authorised unit trusts: treatment of umbrella schemes

(1)     The Taxation of Chargeable Gains Act 1992 is amended as follows.

(2)     In section 99(2) (application of Act to unit trust schemes: definitions)—

(a)     in the opening words, after “Subject to subsection (3)” insert “and section 99A”; and

(b)     for paragraph (b) substitute—

“(aa)     “unit holder” means a person entitled to a share of the investments subject to the trusts of a unit trust scheme;

(b)     “authorised unit trust” means, as respects an accounting period, a unit trust scheme in the case of which an order under section 243 of the Financial Services and Markets Act 2000 is in force during the whole or part of that period.”

(3)

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